Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.20.4
Consolidated Statements of Operations - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net revenue $ 11,472 $ 10,986 $ 11,282
Cost of Goods and Services Sold 7,418 7,148 7,248
Operating costs and expenses:      
Operating 786 768 881
Selling, General and Administrative, Including Transaction Related Costs and Stock-Based Compensation 1,248 1,128 1,200
Depreciation 171 186 174
Amortization 282 282 237
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) 0 (147) (30)
Operating Expenses 9,905 9,659 9,770
Operating income 1,567 1,327 1,512
Other (expense) income:      
Equity in losses of investee (30) 0 (3)
Gains (losses) on financial instruments 3 (5) (2)
Interest expense, net (257) (240) (243)
Foreign currency gain (loss) 6 (3) 0
Loss on extinguishment of debt (42) 0 (2)
Nonoperating expense (320) (248) (250)
Income before income taxes 1,247 1,079 1,262
Income tax expense (337) (262) (334)
Net income 910 817 928
Less net income attributable to the noncontrolling interest (58) (50) (46)
Net income attributable to QVC, Inc. stockholder $ 852 $ 767 $ 882